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Describe the transformation of the employee-employer contract over the past century.
Average Price Level
A measure that summarizes the prices of various goods and services in an economy at a specific time.
Money Supply
The sum of all financial assets within an economy at a given moment, encompassing both currency in circulation and the funds in checking and savings accounts.
Interest Rates
The amount charged by lenders as a percentage of the principal, typically expressed as an annual percentage of the total amount loaned.
Velocity of Money
The rate at which money is exchanged from one transaction to another, and how much a unit of currency is used in a given period of time.
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